ECN EXAM 1 QUESTIONS AND ANSWERS
nominal scale - CORRECT ANSWER✅✅The scale of measurement for a variable when the data are labels
or names used to identify an attribute of an element. Nominal data may be nonnumeric or numeric.
ordinal scale - CORRECT ANSWER✅✅The scale of measurement for a variable if the data exhibit the
properties of nominal data and the order or rank of the data is meaningful. Ordinal data may be
nonnumeric or numeric.
interval scale - CORRECT ANSWER✅✅The scale of measurement for a variable if the data demonstrate
the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of
measure. Interval data are always numeric.
ratio scale - CORRECT ANSWER✅✅The scale of measurement for a variable if the data demonstrate all
the properties of interval data and the ratio of two values is meaningful. Ratio data are always numeric.
categorical data - CORRECT ANSWER✅✅labels or names used to identify categories of like items
Quantitative data - CORRECT ANSWER✅✅numerical values that indicate how much or how many
cross sectional data - CORRECT ANSWER✅✅data collected at the same or approximately the same
point in time
time series data - CORRECT ANSWER✅✅data collected over several time periods
descriptive statistics - CORRECT ANSWER✅✅Tabular, graphical, and numerical summaries of data.
population - CORRECT ANSWER✅✅the set of all elements of interest in a particular study
sample - CORRECT ANSWER✅✅a subset of the population
, Census - CORRECT ANSWER✅✅a survey to collect data on the entire population
sample survey - CORRECT ANSWER✅✅A survey to collect data on a sample
statistical inference - CORRECT ANSWER✅✅The process of using data obtained from a sample to make
estimates or test hypotheses about the characteristics of a population.
analytics - CORRECT ANSWER✅✅the scientific process of transforming data into insight for making
better decisions
descriptive analytics - CORRECT ANSWER✅✅The set of analytical techniques that describe what has
happened in the past.
Predictive Analytics - CORRECT ANSWER✅✅The set of analytical techniques that use models
constructed from past data to predict the future or assess the impact of one variable on another.
Prescriptive Analytics - CORRECT ANSWER✅✅The set of analytical techniques that yield a best course
of action.
Big Data - CORRECT ANSWER✅✅A set of data that cannot be managed, processed, or analyzed with
commonly available software in a reasonable amount of time.
data mining - CORRECT ANSWER✅✅The process of using procedures from statistics and computer
science to extract useful information from extremely large databases.
data visualization - CORRECT ANSWER✅✅graphical displays to summarize and present information
about a data set
frequency distribution - CORRECT ANSWER✅✅A tabular summary of data showing the number
(frequency) of observations in each of several nonoverlapping categories or classes.
nominal scale - CORRECT ANSWER✅✅The scale of measurement for a variable when the data are labels
or names used to identify an attribute of an element. Nominal data may be nonnumeric or numeric.
ordinal scale - CORRECT ANSWER✅✅The scale of measurement for a variable if the data exhibit the
properties of nominal data and the order or rank of the data is meaningful. Ordinal data may be
nonnumeric or numeric.
interval scale - CORRECT ANSWER✅✅The scale of measurement for a variable if the data demonstrate
the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of
measure. Interval data are always numeric.
ratio scale - CORRECT ANSWER✅✅The scale of measurement for a variable if the data demonstrate all
the properties of interval data and the ratio of two values is meaningful. Ratio data are always numeric.
categorical data - CORRECT ANSWER✅✅labels or names used to identify categories of like items
Quantitative data - CORRECT ANSWER✅✅numerical values that indicate how much or how many
cross sectional data - CORRECT ANSWER✅✅data collected at the same or approximately the same
point in time
time series data - CORRECT ANSWER✅✅data collected over several time periods
descriptive statistics - CORRECT ANSWER✅✅Tabular, graphical, and numerical summaries of data.
population - CORRECT ANSWER✅✅the set of all elements of interest in a particular study
sample - CORRECT ANSWER✅✅a subset of the population
, Census - CORRECT ANSWER✅✅a survey to collect data on the entire population
sample survey - CORRECT ANSWER✅✅A survey to collect data on a sample
statistical inference - CORRECT ANSWER✅✅The process of using data obtained from a sample to make
estimates or test hypotheses about the characteristics of a population.
analytics - CORRECT ANSWER✅✅the scientific process of transforming data into insight for making
better decisions
descriptive analytics - CORRECT ANSWER✅✅The set of analytical techniques that describe what has
happened in the past.
Predictive Analytics - CORRECT ANSWER✅✅The set of analytical techniques that use models
constructed from past data to predict the future or assess the impact of one variable on another.
Prescriptive Analytics - CORRECT ANSWER✅✅The set of analytical techniques that yield a best course
of action.
Big Data - CORRECT ANSWER✅✅A set of data that cannot be managed, processed, or analyzed with
commonly available software in a reasonable amount of time.
data mining - CORRECT ANSWER✅✅The process of using procedures from statistics and computer
science to extract useful information from extremely large databases.
data visualization - CORRECT ANSWER✅✅graphical displays to summarize and present information
about a data set
frequency distribution - CORRECT ANSWER✅✅A tabular summary of data showing the number
(frequency) of observations in each of several nonoverlapping categories or classes.
